1、Urban retail benefits as tourists returnUnited StatesDecember 2023City Retail 2024R Jones Lang Lasalle IP,Inc.2023Contents2City Retail 20240306Key findingsEconomic indicators paint a healthy picture of urban retail 1122Luxury and athleisure apparel tenants follow the moneyGreen shoots across propert

2、y sectors encourage prime urban retail performance27Appendix Jones Lang Lasalle IP,Inc.2023Key findings Consumer spending drives urban retail growth31Consumer spending growth and the return of international and domestic tourismhave driven prime urban retail demand,with foot traffic recovering to pre

3、-pandemic levels in half of the prime corridors surveyed.2Apparel retailers dominated prime corridor leasing this year,with athleisure tenants expanding considerably,combining to account for nearlyhalf(48%)of all prime corridorleasing activity.3Luxury retailers remain a major player in the prime urb

4、an retail story,with almost every corridor seeing strong absorption from luxury apparel and jewelry brands,as well as luxury boutiques.4Green shoots from other real estate property types contribute to a positive outlook for urban retail,characterized by steadily increasing office attendance and a re

5、turn to pre-pandemic hotel occupancy levels.City Retail 2024 Jones Lang Lasalle IP,Inc.2023What is a primeurban corridor?A prime urban corridor is a nationally recognized shopping district that is noted for its mix of high-street,national,and international tenants.Typically named for the most notabl

6、e retail street within the corridor,these shopping districts have boundaries that were carefully drawn to include the most prominent retail spaces,as well as current and future pointsof interest.Prime urban corridors emerge organically and are not the product of a singlemaster developer.Weve identif

7、ied and defined such North American corridors for this report.4City Retail 2024 Jones Lang Lasalle IP,Inc.20235City Retail 2024Retailers bet bigon citiesIn 2023,the trajectory of prime urban retail leasing has been closely tied to the performance of other property types.Office populations have surpa

8、ssed 50%across all major metros,hotel occupancy is atpre-pandemic levels,and residential population outflows from major cities have stabilized.Prime retail corridors around the country are benefitting from solid retail fundamentals,with low vacancy and low supply contributing to sustained year-over-

9、year rent growth.Sunbelt markets like Miami continue to outperform,while cities like New York and Chicago benefit from the return of international tourism.Prime corridor leasing has been dominated by apparel tenants in the luxury and athleisure space,as well as food users catering to consumers desir

10、e for experiences.Looking ahead,experience spending is sure to dictate the demand profile in retail corridors,especially as supply constraints present a challenge to overallleasing velocity.Jones Lang Lasalle IP,Inc.2023 Jones Lang Lasalle IP,Inc.2023Economic indicators paint a healthy picture of ur

11、ban retail City Retail 20246 Jones Lang Lasalle IP,Inc.2023Prime corridor activity bolstered by foot traffic recovery7The return of foot traffic to urban areas has driven the positive activity in prime corridors this year.The pandemic saw foot traffic in almost every city reduce by nearly 100%,as ma

12、ndated store closures and occupancy restrictions made it almost impossible for consumers to shop in person.Upon reopening the economy,foot traffic to physical stores rebounded almost immediately,underscoring consumers persistent desire for in-person shopping experiences.Even still,urban retail desti

13、nations lagged compared to suburban destinations,mimicking migration patterns that emerged during the lockdown.Thanks to the combination of increased tourism,stabilized population outflows,and the gradual return of office workers to the CBD,half of the prime urban cities highlighted in this report h

14、ave seen footfall completely recover as of October 2023.Miamis lenient COVID restrictions led to its full recovery by early 2021,but pre-pandemic levels of foot traffic have also been observed this year in Chicago,Boston,and Washington D.C.City Retail 2024-120.00%-100.00%-80.00%-60.00%-40.00%-20.00%

15、0.00%20.00%40.00%60.00%Jan-20Mar-20May-20Jul-20Sep-20Nov-20Jan-21Mar-21May-21Jul-21Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23May-23Jul-23Sep-23BostonChicagoLAMiamiNYCPhillySFDCFigure no.1 Prime corridor foot trafficchange since 2020 Jones Lang Lasalle IP,Inc.2023International touri

16、sm provides a boonNow that travel restrictions have been completely lifted,urban centers in the U.S.have benefited from a return of both international and domestic tourism.Bostons Logan Airport has seen international passenger levels up to 27%higher THAN pre-COVID levels.Meanwhile New York is expect

17、ed to welcome 63.2 million visitors this year,just shy of its 2019 mark of 66.6 million,which the city is forecast to exceed next year.So far this year,visitors to the United States have spent a combined$156 billion as of September,a 31.6%increase over the same period last year,and a 183.7%increase

18、over 2021.8City Retail 2024Figure no.2Foreign tourism expenditures in the U.S.($billion)Source:JLL Research,International Trade Administration239.284.284.1165.5156.020192020202120222023(YTD)Jones Lang Lasalle IP,Inc.20235.8%6.2%8.5%17.7%17.8%18.8%37.2%Motion Picture industryAccommodationF&B PlacesSp

19、ectator sportsAmusement parks&arcadesOther amusementPerforming artsY/Y growth in spendingConsumers travel fornew experiencesConsumer spending continues to grow albeit at a slowing pace,surpassing$705 billion in September.Spending patterns prioritize experiences,reflecting the post-pandemic shift in

20、spending from goods to services.Desire for experiences has been a major driver of consumer behavior,primarily in the forms of dining out and seeing shows.Performing arts spending grew more than 37.2%over last year,and urban retail benefitted from music acts like Taylor Swift and Beyonce,whose nation

21、wide tours spurred domestic tourism and encouraged outsized hospitality demand in each of the cities they visited.These concerts had a positive impact on the urban retail landscape:Morgan Stanley estimates that consumers spent a combined$5.4 billion to see the two acts this summer,averaging$1,650 on

22、 tickets,flights,hotels,and food.9City Retail 2024Figure no.3 Sales rise as consumers remain resilient despite inflation($millions)4,00,0005,00,0006,00,0007,00,0008,00,000Jan.2018Jan.2019Jan.2020Apr.2020Jan.2021Jan.2022Jan.2023Sep.2023Figure no.4 Prime corridors benefit from growth in spending on ex

23、periencesSource:Census Bureau Jones Lang Lasalle IP,Inc.202310All indicators point to the strength of prime urban retail in 2023.As rebounds in international tourism and the gradual return of office workers augmented foot traffic around these prime retail corridors,both tenants and landlords have id

24、entified an opportunity to cater to their consumer bases with new retail experiences.Luxury and athleisure apparel retailers have dominated the prime urban leasing scene.Food users were active as well,with consumers pent-up demand from the pandemic driving their desire for in-person dining.Home furn

25、ishings retailers were surprisingly active as well,despite the category not seeing sizable sales gains over last year.City Retail 2024 Jones Lang Lasalle IP,Inc.2023 Jones Lang Lasalle IP,Inc.2023 Jones Lang Lasalle IP,Inc.2023Luxury and athleisure apparel tenants follow the moneyCity Retail 202411

26、Jones Lang Lasalle IP,Inc.202312City Retail 2024Apparel retailers are determined to meet us in the city Figure no.5Prime corridor apparelleases(%of overall leases)35%65%ApparelAll other leasing48%52%20222023The economy has fully re-opened and consumers are eager to get back to in-person experiences,

27、whether that IS at a restaurant,at a music festival,or at the gym.This has prompted a noticeable uptick in apparel leasing in prime corridors.Apparel retailers comprised a hefty 48%of overall prime corridor leasing this year,up from 35%in 2022.Athleisure retailers comprised 21%of new apparel leases,

28、with their popularity rising in tandem with the emergence of hybrid andremote work.Most active in the space have been category leaders like Lululemon,which is opening new stores this year in New Yorks Union Square and Bloor Street in Toronto;and ALO Yoga,which made its first entry into the D.C.marke

29、t with a new outpost on M Streetin Georgetown.Vuori was particularly active as well,leasing three new locations in Georgetown,on Madison Avenue in New York,and in the Marina in San Francisco,while running shoe brand Hoka also opened two new stores this year,on Lincoln Road in Miami and on New Yorks

30、Fifth Avenue.Jones Lang Lasalle IP,Inc.2023Luxury retailers flock to prime corridors13City Retail 2024Figure no.6Prime urban corridors see sustainedfoot trafficgrowth(July 2023)Source:JLL Research,Placer.ai-12.1%-0.9%3.1%6.9%6.9%7.0%9.8%13.8%15.8%17.0%18.0%22.1%29.1%San Francisco-Union SquareBoston-

31、Downtown CrossingPhiladelphia-Market EastPhiladelphia-Walnut St.Midtown Rock CenterLos Angeles-Beverly Hills TriangleChicago-Michigan AvenueLas Vegas BlvdChicago-State StNYC-Fifth AvenueBoston-Newbury StreetNYC-SoHoNYC-Times SquareThe luxury category has been among the most declarative in its embrac

32、e of physical retail.As arbiters of retail experience,these tenants know full well the value of an in-store offering that cannot be replicated at home.The gradual return of tourists and hybrid office workers resulted in year-over-year gains in foot traffic,providing a readily available consumer base

33、 for prime retail corridors like Times Square and Michigan Avenue,which are located close to central business districts.This contributed to 45%of overall luxury leasing activity this year occurring in prime corridors.Leasing activity this year came from the likes of Burberry,which leased two new sto

34、res on Fifth Avenue in New York and on Bloor Street in Toronto.Bottega Veneta and Cartier both gravitated to Chicagos Gold Coast for their new stores,while Dolce&Gabbana and Chloe found prime space to lease on Madison Avenue in New York.Longchamp and Anine Bing opted to open new stores this year on

35、Newbury Street in Boston.Jones Lang Lasalle IP,Inc.2023Luxury boutiques grow in popularity14City Retail 2024Figure no.7New luxury boutique leases in prime corridorsSource:JLL ResearchIn the wake of bankruptcies and store closures from retailers like Barneys and Neiman Marcus,luxury consumers have de

36、monstrated a persistent appetite for a thoughtful curation of products from their favorite high fashion brands.As a result,luxury boutiques have emerged as a growing category within the luxury space,composing 12%of new luxury leases in the last year.Its clear these retailers centered their expansion

37、 plans around the prime corridors,as many opened new locations in multiple corridors across cities.Kirna Zabete,noted fashion curator and stylist,opened four boutiques last year,including two in New York and one in Miamis Design District.Around this time,Kith also opened a store in the Design Distri

38、ct,to complement its new flagship on Rodeo Drive in Los Angeles.TenantCityPrime corridorElyse WalkerNew YorkMadison AvenueKirnaZabeteMiamiDesign DistrictKirnaZabeteNew YorkMadison AvenueKirnaZabeteNew YorkSoHoKithMiamiDesign DistrictKithLos AngelesRodeo DriveKitsonLos AngelesBeverly Hills TriangleOp

39、al&OakBostonNewbury Street Jones Lang Lasalle IP,Inc.2023Jewellersand food users hold their own 15City Retail 2024The impact of occasion dressing didnt stop with apparel,as jewellery and accessories retailers saw significant activity as well to comprise 11%of prime corridor leasing.Notably active je

40、wellery retailers include Breitling,which opened two locations on Newbury Street in Boston and Union Square in San Francisco;and Mejuri,which went on a tear last year opening four stores in Boston,Chicago,D.C.,and San Francisco.The digitally native jewellery brand has tripled its store count in the

41、last year,now operating 28stores across the United States,Canada,and the U.K.Food uses expanded considerably as well,accounting for roughly 15%of total leasing velocity.These operators were eager to capitalize on consumers desire to dine out,which saw food&beverage store sales grow by 8%over last ye

42、ar.Jones Lang Lasalle IP,Inc.202316City Retail 2024Figure no.8 Notable prime corridor move-ins TenantPrime corridorCitySizeCategoryAnine BingNewburyBoston1,906ApparelAlamo DrafthouseSeaportBoston15,000TheaterAllbirdsFulton MarketChicago3,975ApparelBottega VenetaGold CoastChicago5,000ApparelAritziaMi

43、chigan AvenueChicago49,198ApparelSupremeWicker ParkChicago1,800ApparelGivenchyBeverly Hills TriangleLos Angeles4,437ApparelKitsonBeverly Hills TriangleLos Angeles5,253ApparelRestoration HardwareMelroseLos Angeles26,260Home furnishingsRalph LaurenDesign DistrictMiami2,000ApparelHokaLincoln RoadMiami3

44、,128ApparelLacosteFifth AvenueNew York18,000ApparelChloeMadison AvenueNew York2,000ApparelVuoriMadison AvenueNew York3,689Apparel Jones Lang Lasalle IP,Inc.202317City Retail 2024Figure no.8(contd)Notable prime corridor move-insTenantCorridorCitySizeCategoryAesopMeatpacking DistrictNew York1,697Cosme

45、ticsAbercrombie&FitchSoHoNew York9,063ApparelCotton OnSoHoNew York13,900ApparelThumaSoHoNew York6,664Home furnishingsMermaid InnTimes SquareNew York17,000Food userParty CityUnion SquareNew York10,600SpecialtyBanana RepublicUnion SquareSan Francisco8,505ApparelLevisUnion SquareSan Francisco22,000Appa

46、relBurberryBloor StreetToronto6,125ApparelVan Cleef&ArpelsBloor StreetToronto2,500JewelryParis Saint GermainQueen Street WestToronto2,069Sporting goodsArcteryxWest 4th StreetVancouver4,504ApparelALO YogaGeorgetownWashington,D.C.9,900ApparelShowfieldsGeorgetownWashington,D.C.22,299Specialty Jones Lan

47、g Lasalle IP,Inc.202318City Retail 2024Toronto and Montreal continue to recover from the lasting impact of COVID lockdownsCanadas retail story has been centered around the West versus the East.While the prime corridors continue to see activity from a wide array of retailers,Vancouver has rebounded f

48、aster than Torontoand Montreal.Canadian retailers,especially in Toronto and Montreal,were heavily impacted by extensive COVID-related measures including lockdowns,curfews,strict travel restrictions,and temporary closures of nonessential businesses,all of which lasted until September 2022.The nature

49、of these restrictions encouraged some consumers to shift some of their shopping patterns online,resulting in a slower recovery in retail demand.With that said,several factors indicate that these markets will rebound imminently.Vancouver has seen tourism levels recover handily even without the full r

50、eturn of Chinese tourists,prompting new hotel development to meet that demand.Toronto leads North America in terms of number of cranes,with major residential redevelopments underway around Bloor Street,bringing more consumers and retail space to the corridor.And Saint-Catherine Street in Montreal is

51、 undergoing a complete reimagining,intended to bring ample pedestrian traffic tothe corridor.Jones Lang Lasalle IP,Inc.2023Demand shifts to new corridors19The pandemic exacerbated differences between retail corridors within the same city.Prime corridors with nearby residential populations recovered

52、much faster,attracting retailer interest as they sought to relocate existing stores and open new ones.In Chicago,luxury retailers have left Michigan Avenue for the Gold Coast,seeking to capitalize on the affluent residential base and strong existing luxury co-tenancy in the area.A similar story has

53、been seen in New York,where retailers who had opted for SoHo in recent years have set their sights on an old favorite with ample available space Madison Avenue.City Retail 2024 Jones Lang Lasalle IP,Inc.2023Madison Avenuedraws retailer interest back uptownCity Retail 202420Many luxury retailers look

54、ing to open in New York City after the pandemic opted for SoHo,thanks to the steady foot traffic provided by nearby residential populations.On the other hand,Madison Avenue,once a nexus for these brands,struggled as office and tourism populations made their slow return to midtown.The gradual uptick

55、in presence for both of those groups,combined with the resurgence of the affluent Upper East Side shopper has reignited interest in Madison Avenue,with the stretch between East 59th Street and East 72nd Street accounting for 43%of new luxury leases in New York City.Punctuated by the opening of Herme

56、s 45,000 s.f.flagship at the corner of 63rd Street,the corridor also saw new leases last year from Valentino,Lanvin,and Van Cleef&Arpels,among others.Jones Lang Lasalle IP,Inc.2023Luxury finds a new home in Chicagos flourishingGold Coast21City Retail 2024Michigan Avenue has historically been the pre

57、mier retail destination in Chicago,drawing tourists from all over the world.However,with the corridor still struggling to bounce back after COVID,some retailers have opted to relocate.Many of these retailers have found a new home in the Gold Coast.The neighborhoods affluent residential population,co

58、ncentration of luxury retail,and smaller store formats has enticed retailers to gravitate away from Michigan Avenue.The corridor saw new leases this year from Bottega Veneta and Burdeen Jewlery,which will join the likes of Cartier,Chanel,and Van Cleef&Arpels in the ranks of retailers who made the mo

59、ve from Michigan Avenue to the Gold Coast.The Gold Coast has become a popular choice among retailers looking to expand,with Glossier opening its first Chicago store in April in the corridor,alongside Ksubis newly debuted fourth U.S.location.Jones Lang Lasalle IP,Inc.2023 Jones Lang Lasalle IP,Inc.20

60、23Green shoots across property sectors encourage urban retail performanceCity Retail 202422 Jones Lang Lasalle IP,Inc.202301Retail fundamentals remain solid across the country23City Retail 2024Figure no.9Retail vacancy reaches historic lowof 4.2%Source:CoStar,JLL ResearchThe story for retail real es

61、tate over the past year has been a positive one:strong absorption from 2021 and 2022,combined with decreased supply due torecord-low construction activity,has resulted in sustained rent growth and historically low vacancy rates across the country.E-commerce penetration has normalized at around 15%,w

62、hile consumer spending continues to rise,with Septembers spending total of more than$705 billion representing a 4.1%increase year-over-year and the sixth consecutive month of spending growth.Inflation remains a concern,but has mostly levelled out(3.7%in October,down from a high of 9.0%in June of 202

63、2),allowing consumers to exercise their spending power.The prime retail corridors have benefitted from this combination of robust consumer spending and low retail vacancy,accounting for acombined 3.3%growth in asking rents over the previous year.$0.00$5.00$10.00$15.00$20.00$25.00$30.000.0%1.0%2.0%3.

64、0%4.0%5.0%6.0%7.0%8.0%2007200820092010201120122013201420152016201720182019202020212022YTD 2023Quoted rentVacancy Jones Lang Lasalle IP,Inc.20230%10%20%30%40%50%60%FEB MARAPR MAY JUNJULAUG SEPOCT NOV DEC202020212022202302Return to office momentum grows incrementally24City Retail 2024Figure no.10Offic

65、e attendance as a share of pre-pandemicweekly averageSource:JLL Research,Kastle SystemsMany prime retail corridors are located proximal to their citys central business districts,and as such have historically drawn part of their consumer base from office populations.While hybrid work models encourage

66、 a new normal regarding office attendance,the sector continues to see progress,with the 10 weeks following Labor Day recording an 8%YoY increase in attendance.Employers have begun issuing stronger mandates,subjecting some 3.2 million employees to newRTO policies.Although gross leasing for office spa

67、ce is down,active space requirements are up nearly 3%in gateway cities like New York,Chicago,and Miami,underscoring the vibrant activity of these city centers and their nearby prime retail corridors.+8%vs.2022Last 10 weeks Jones Lang Lasalle IP,Inc.202303Urban hotel demand rebounds,buoyed by increas

68、ed tourism25City Retail 2024Figure no.11U.S.Hotelsector performance since 2019Source:JLL Research,STR/CostarAfter suffering greatly during the pandemic due halted travel and closed borders across the world,the hotel sector has seen a rebound in performance,particularly in U.S.urban markets.This rebo

69、und has been driven by the resurgence of international arrivals to the U.S.,with significant numbers of travellers arriving from the Middle East,Africa,and Europe.Average daily rate(ADR)and revenue per available room(RevPAR)in the U.S.surpassed 2019 levels by 13%in Q3 of this year.Overall occupancie

70、s have almost completely recovered,underpinned by returning group and corporate travel.Resort markets have been atop the leaderboard,but performance is beginning to slow as other countries reopen borders and foreign travel options abound.Conversely,return-to-office momentum and increased group and b

71、usiness travel havecontributed to the vibrancy and sustained activity seen in urban markets.$131$103$125$149$156$159$86$45$72$93$98$10266%44%58%63%63%64%0%10%20%30%40%50%60%70%$0$20$40$60$80$100$120$140$160$18020192020202120222023F2024FADRRevPAROccupancy Jones Lang Lasalle IP,Inc.202304Living sector

72、 sees return of strength in Gateway markets26City Retail 2024Figure no.12Cost to own vs.cost to rent,US average(monthly)Source:JLL Research,Census Bureau,Freddie Mac,AxiometricsSunbelt“growth”markets have been the darling of both the retail and living sectors in recent years,due to the outsized popu

73、lation growth these cities which include Atlanta,Nashville,and Phoenix experienced following the pandemic.While those markets still see elevated demand,the gradual re-opening of our economy has caused migration trends to begin to normalize,and gateway markets are seeing population outflows beginto s

74、tabilize.As a result,gateway cities like New York,Boston,Chicago,and Miami currently lead the nation in multifamily rent growth.Further,the current interest rate environment has drastically increased the cost to own,such that owning a single-family home is currently 62%more expensive than renting a

75、unit in a multi-family property.This encourages demand for the mutli-family housing that dominates urban centers,contributing to a broad consumer base in need of proximal retail.$800$1,300$1,800$2,300$2,800$3,300200920102011201220132014201520162017201820192020202120222023Monthly Cost to Own,Single-f

76、amily homeMonthly Rent,Multi-housing+62%Jones Lang Lasalle IP,Inc.2023 Jones Lang Lasalle IP,Inc.2023Appendix:Prime corridor asking rentsCity Retail 202427 Jones Lang Lasalle IP,Inc.202328City Retail 2024Figure no.13 Prime corridor asking rents increase 3.0%y-o-yMarketPrime Retail Corridor2023 annua

77、l prime asking rent2022 annual prime asking rent2019 annual prime asking rentY-o-3Y rent changeBostonNewbury Street$150$140$1407.1%BostonSeaport District$110$100$115-4.3%ChicagoFulton Market$110$100$82.5033.3%ChicagoGold Coast$400$325$3756.7%ChicagoMichigan Avenue$350$150$30016.7%ChicagoWicker Park$

78、65$75$82.50-21.2%Los AngelesAbbot Kinney$240$240$21511.6%Los AngelesBeverlyyHills Triangle$900$900$960-6.3%Los AngelesMelrose$200$200$240-16.7%Los AngelesThird Street Promenade$156$180$250-37.6%MiamiDesign District$600$350$200200.0%MiamiLincoln Road$175$225$265-34.0%MontrealSaint-Catherine StreetC$1

79、40C$185C$170-17.6%TorontoBloor Street C$225C$225C$325-30.8%TorontoQueen Street WestC$93C$93C$100-7.0%Jones Lang Lasalle IP,Inc.202329City Retail 2024Figure no.13(contd)Prime corridor asking rentsMarketPrime Retail Corridor2023 annual prime asking rent2022 annual prime asking rent2019 annual prime as

80、king rentY-o-3Y rent changeNew YorkFifth Avenue Upper$2,106$2,280$2,677-21.3%New YorkFifth Avenue Lower$650$629$898-27.6%New YorkMadison Avenue$875$603$1,009-13.3%New YorkMeatpacking District$332$325$350-5.1%New YorkSoHo$291$287$414-29.7%New YorkTimes Square$1,268$1,071$1,632-22.3%New YorkUnion Squa

81、re$256$280$334-23.4%San FranciscoFillmore$120$90$1200%San FranciscoHayes Valley$110$90$9515.8%San FranciscoThe Marina$125$120$10025.0%San FranciscoUnion Square$300$450$500-40.0%VancouverRobson StreetC$175C$163C$225-22.2%VancouverWest 4th StreetC$120C$120C$8836.4%Washington,DC14th Street$115$115$1001

82、5.0%Washington,DCM Street$240$240$17537.1%Jones Lang Lasalle IP,Inc.2023Research authors30C.Ebere Anokute(report author)Manager,Research,RJames CookAmericas Director,Research,RHeli Brecailo(contributor)Manager,Research,Canada RKeisha VirtueSenior Analyst,Research,Retail William Schneider(contributor

83、)Senior Analyst,Research,Canada RSaul Lua(contributor)Analyst,Research,RResearch at JLLJLLs research team delivers intelligence,analysis and insight through market leading reports and services that illuminate todays commercial real estate dynamics and identify tomorrows challenges and opportunities.

84、Our more than 550 global research professionals track and analyzeeconomic and property trends and forecast future conditions in over 60 countries,producing unrivalled local and global perspectives.Our research and expertise,fueled by real-time information and innovative thinking around the world,cre

85、ates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions.About JLLFor over 200 years,JLL(NYSE:JLL),a leading global commercial real estate and investment management company,has helped clients buy,build,occupy,manage and invest in a variety of co

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89、 the report is accurate or complete.Any views expressed in the report reflect our judgment at this date and are subject to change without notice.Statements that are forward-looking involve known and unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements.Advice we give to clients in particular situations may differ from the views expressed in this report.No investment or other business decisions should be made based solely on the views expressed in this report.